DISCLAIMER: This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named. The factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to the accuracy, and is not to be construed as representation by our firm. The risk of loss when trading futures and options is substantial. Each investor must consider whether this is a suitable investment. Past performance isnot indicative of future results.

Item	USDA	23/24	23/24	24/25	24/25
START	Supply/Demand	Apr	May 10	Apr	May 10
Planted	Acres Planted ma	94.6	94.6	(NA)	90.0
Harvested	Acres Harvest ma	86.5	86.5	(NA)	82.1
acre	Yield per Acre	177.3	177.3	(NA)	181.0
Beginning stocks	Begin Stocks	1,360	1,360	(NA)	2,022
production	Production	15,342	15,342	(NA)	14,860
Imports	Imports	25	25	(NA)	25
Supply, total	Total Supply	16,727	16,727	(NA)	16,907
Feed and residual	Feed & Residual	5,700	5,700	(NA)	5,750
Food, seed & industrial 2/	Food-Seed-Indust	6,805	6,855	(NA)	6,855
Ethanol & by-products 3/	Ethonal	5,400	5,450	(NA)	5,450
Domestic, total	Tot Domestic Use	12,505	12,555	(NA)	12,605
Exports	Exports	2,100	2,150	(NA)	2,200
Use, total	Total Use	14,605	14,705	(NA)	14,805
Ending stocks, total	End Stocks	2,122	2,022	(NA)	2,102